U.S. Economy Shrank at 6.1% Rate

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http://online.wsj.com/article/SB124100763955368325.html
 Quote:
Gross domestic product decreased at a seasonally adjusted 6.1% annual rate January through March despite rising consumer spending, the Commerce Department said Wednesday in its first estimate of first-quarter GDP. The 6.1% drop was much bigger than Wall Street expected and hardly different than a 6.3% plunge in the fourth quarter, when the recession that began in December 2007 deepened. Economists surveyed by Dow Jones Newswires expected a 4.6% drop in GDP during the first three months of 2009. With a 0.5% drop in the third quarter, GDP has now fallen three consecutive quarters. That hasn't happened in 34 years, since third-quarter 1974 through first-quarter 1975. Price indicators within Wednesday's report suggested inflationary pressures rose in first-quarter 2009, easing fears of deflation. For instance, the price index for personal consumption expenditures fell by 1.0%, a decline much smaller than the fall of 4.9% in the fourth-quarter 2008. The PCE price gauge excluding food and energy rose 1.5%, after increasing 0.9% in the fourth quarter.
Apparently all the "getting better" we've been hearing about wasn't correct.
 
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 Originally Posted By: buster
It's amazing how many "experts" have been wrong.
Unsurprisingly, the laymen have been getting it even less right. ;\)
 
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 Originally Posted By: buster
Blind leading the stupid.
As the young punk told Will Smith that Dr. Calvin had just shot the offending robot without looking. AIM ..then shoot! ..but it worked, didn't it
 

Tempest

Thread starter
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With the massive new taxes and inflation on the way, that article seems very short sighted. Employers are not so short sighted.
 
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The rhetoric was changed from "We may not recover" , to "It's not so bad". Not that it is OK. Wall street screamed at a major politician who made things worse every time he opened his mouth. Thus the 180. And thus signs of improvement.
 
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